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April 2017

Found 2 blog entries for April 2017.

This has been talked about for months and I’ve been warning those who would listen as I expect this to impact our local Victoria market activity regardless of whether they implement the tax here in Greater Victoria. Many of our buyers until last August were arriving here after cashing out of Vancouver and over the past year we’ve had a steady stream arriving from cashing out of Toronto. We also have many coming from the USA and that will of course be impacted if they also introduce a similar tax in Greater Victoria.

What Ontario is doing:

Introducing a 15-per-cent “Non-Resident Speculation Tax” in the Greater Golden Horseshoe region

Partnering with the Canada Revenue Agency to strengthen reporting requirements and make sure taxes are paid on

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March 2017 VREB statsSpring has sprung and the cherry blossoms are out (late this year) and sales continue to be very strong, although down some from last year’s record pace due entirely to the lack of supply. There were 929 sales in March which is 17% fewer than the 1,121 sold in March of last year. That’s still significantly higher than the 734 properties sold in March of 2015.

We had expected to see an increase in listing inventory as we came into the spring market, but while the number of new listings coming on has increased, it has only marginally outpaced demand. The number of unsold available residential listings as of this writing in Greater Victoria is just 1,223. That’s only up about 10% from this time last month and still less than the number of Realtors in

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